Last week was a mixed affair for the major stock exchanges, with American markets coming off recent highs but Japan and Eurozone markets adding value.
In Europe over the course of the week, the FTSE was down by 0.5%, it closed at 6911.8; the Dax ended at 11551, up by 1.3% on last week’s close; the CAC was up by 0.26% to end the session at 4964.4.
The Dow ended the week down by 1.5% to close at 17857. The Nasdaq composite index ended down by 0.73% over the course of the week at 4927.4.
The Nikkei 225 ended the week’s trading up by 0.92% to end the session at 18971, a fresh 15 year-high.
Currency Markets Review
On the currency markets last week the Dollar enjoyed the best of the trading. The Dollar was stronger against Sterling last week closing at $1.5061 to the Pound, a gain of 2.4%. The Greenback strengthened against the Euro last week by 3%, ahead of the commencement of the ECB’s QE scheme, to close at $1.0857 to the €. The Dollar was stronger against the Japanese currency, closing at 120.9 Yen to the Dollar, making a gain of 1% during the week.
The Euro weakened against the Yen ending at 131.3, a loss of 2.1% over the course of the week. It lost ground against Sterling last week, falling by 0.6%; the close saw one £ buying €1.3871.
The Euro now buys 1.0684 CHF, a gain of 0.32% on the week, providing clinching evidence of the SNB’s involvement as it fell against other majors in anticipation of the start of QE on 9/3/15.
Commodities Market Review
On the commodities market, the price for Brent crude ended at $59.3 per barrel, a fall of 4.5% over the course of the week’s trading. The value of gold was lower last week, closing at $1175.8 per ounce, a fall of 3.2% on the week.